Tupperware Manufacturers, the US maker of meals storage containers, and a few of its subsidiaries have filed for chapter within the US within the face of ballooning losses.
The embattled firm says it’ll ask for courtroom permission to start out a sale technique of the enterprise and goals to proceed working in the course of the chapter proceedings.
Final 12 months, the 78-year-old agency warned that it could go bust until it might shortly elevate new financing.
Tupperware has been making an attempt to reposition itself to youthful clients because it confronted sliding gross sales.
“We plan to proceed serving our valued clients with the high-quality merchandise they love and belief all through this course of,” the corporate’s chief govt Laurie Ann Goldman mentioned in a press release to traders.
The corporate’s shares have fallen by extra 50% this week after studies that it was planning to file for chapter.
Tupperware has for years been struggling to stem falling gross sales of its merchandise within the face of cheaper competitors.
After a short surge in gross sales in the course of the pandemic, as extra folks cooked at house, the agency noticed demand proceed to slip.
The rising price of uncooked supplies, greater wages and transportation prices have additionally eaten into its revenue margins.
Tupperware dominated its marketplace for years, turning into so synonymous with meals storage containers that many individuals use its title when referring to any plastic container.
The corporate was based in 1946 by Earl Tupper, who patented the containers’ versatile hermetic seal.
It turned well-known within the Nineteen Fifties and Nineteen Sixties when folks held “Tupperware events” of their properties to promote the plastic containers to mates and neighbours.
